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Third Quarter Earnings

Frederick County Bancorp, Inc. Reports Results for the Third Quarter 2017

October 16, 2017, Frederick, MD --- Frederick County Bancorp, Inc. (the “Company”) (OTC Pink Marketplace: FCBI), the parent company for Frederick County Bank (“FCB”), announced today that, for the quarter ended September 30, 2017, the Company recorded net income of $708 thousand and diluted earnings per share of $0.46, as compared to net income of $457 thousand and diluted earnings per share of $0.30 recorded for the third quarter of 2016. The Company earned $1.7 million with diluted earnings per share of $1.10 for the nine months ended on September 30, 2017, as compared to $1.1 million in earnings and diluted earnings per share of $0.72 for the same period in 2016.

The increase in quarterly earnings was due primarily to increases in net interest income of $215 thousand and in total noninterest income of $301 thousand in the third quarter of 2017 as compared to the third quarter of 2016, respectively. A provision for loan losses in the amount of $93 thousand was recorded in the third quarter of 2017, while a provision for loan losses of $50 thousand was recognized in the same quarter of 2016. The increase in total noninterest income was due primarily to gain on sale of loans of $311 thousand and other operating income of $150 thousand in the third quarter of 2017 as compared to $70 thousand of loan sale gains and other operating income of $89 thousand in the third quarter of 2016.

The increase in year-to-date earnings was due primarily to increases in net interest income of $707 thousand and in total noninterest income of $553 thousand in the first nine months of 2017 as compared to the same period in 2016, respectively. The increase in total noninterest income was due primarily to increases in gain on sale of loans of $310 thousand, in other operating income of $163 thousand and in securities gains of $114 thousand in the first nine months of 2017 as compared to the same period in 2016.

Earnings in 2017 are benefitting from the continued emphasis on Small Business Administration (SBA) loans as reflected in the year on year increases in gain on sale of loans. For two years in a row FCB has been recognized as a top 10 SBA lender in the greater Baltimore area.

The ratio of the allowance for loan losses to total loans stood at 1.28% and 1.05% as of September 30, 2017 and 2016, respectively, and at 1.22% as of December 31, 2016. Total nonperforming assets stood at $6.8 million and $7.4 million at September 30, 2017 and 2016, respectively, and at $7.4 million at December 31, 2016. The corresponding nonperforming assets to total assets ratios were 1.72% and 1.94% as of September 30, 2017 and 2016, respectively, and 1.96% at December 31, 2016.

The Company also reported that, as of September 30, 2017, assets stood at $397.8 million, with total deposits of $333.4 million and gross loans of $316.8 million, representing increases of 3.8%, 2.0%, and 5.9%, respectively, compared to September 30, 2016. Total shareholders’ equity at September 30, 2017 was $32.8 million, an increase of $1.6 million from December 31, 2016. The increase primarily resulted from an increase in retained earnings of $1.5 million, an increase in accumulated other comprehensive income of $98 thousand and an increase in additional paid-in capital of $14 thousand, which was from the exercise of stock options. On a per share basis, book value increased by $1.06 for 2017 to $21.95 per share at September 30, 2017 from $20.89 per share at December 31, 2016. The dividends declared per share were $0.14 for the nine month period ended September 30, 2017 compared to $0.21 per share the same period in 2016. However, on October 2, 2017, the Board declared a quarterly dividend of $0.08 per share, an increase of $0.01 per share.

Frederick County Bank is headquartered in Frederick, Maryland, and conducts full service commercial banking services through five bank centers located in Frederick County, Maryland.

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